Central savings bank

Taiwan’s largest bank, Hua Nam, officially opened a branch in Ho Chi Minh City November 28. The branch, with the initial investment capital of $15 million, will work as a financial transaction channel for Taiwanese businesses in Vietnam. The Hua Nam-Ho Chi Minh City operation has a duration of 20 years. The Ho Chi Minh City branch is allowed to receive term deposits and demand deposits in Vietnamese dong, savings, deposits in foreign currencies; trade foreign currencies; lend, pay, and guarantee in Vietnamese dong and foreign currencies; pay for issuance and pay checks, credit cards in Vietnamese dong and receive overseas remittance. Additionally, Hua Nam Commercial Bank, Ltd. can borrow foreign loans; open accounts at the central bank and borrow short-term loans from the central bank; attend the inter-bank forex market; open accounts to serve international payment at foreign banks; make swap transactions and borrow capital from foreign banks and supply … [Read more...] about Taiwanese Biggest Bank Opens Office in Vietnam

Spain, struggling to avoid a debt bailout, will miss key public deficit targets this year and next, the central bank warned Wednesday as it also pointed to slower-than-expected growth ahead. Cranes near partly constructed buildings in the "Francisco Hernando" residential area of the town of Sesena, some 40 kms south of Madrid. The Bank of Spain also announced late in the day that a merger of four regional Spanish savings banks, part of crucial banking sector reforms, was being dropped because of financial problems at one of the lenders.The regional savings banks are weighed down by loans that turned sour after the collapse of a housing bubble in 2008 and are at the heart of fears the country could follow Greece and Ireland in needing an EU-IMF bailout.In its latest economic bulletin, the central bank estimated that Spain\'s public deficit will be equal to 6.2 percent of Gross Domestic Product this year before falling to … [Read more...] about Spain to miss deficit targets: central bank

EU finance ministers engaged Tuesday in arduous talks aimed at setting up a new system for cross-border supervision of thousands of banks as sharp differences emerged between Berlin, London and Paris. Logo of the European currency Euro standing in front of the European Central Bank (ECB) in Frankfurt/M., western Germany. "A deal is possible, and desirable," said French Finance Minister Pierre Moscovici, while admitting the negotiations would be "difficult" as he went into a second day of Brussels talks, after eurozone-only ministers took stock Monday of Greek, Cypriot and Spanish banking bailout efforts. But his Swedish counterpart Anders Borg, one of 10 non-euro countries involved in the effort to create a "banking union", did not hide his view that an agreement was unlikely on Tuesday. He said extra meetings could still be called "at any time" in the run-up to Christmas. A big bone … [Read more...] about EU finance ministers divided on bank supervision

BRUSSELS – Spain decided on Thursday to follow Ireland's lead and exit its bank bailout without seeking a precautionary credit line in reserve, eurozone finance ministers said. However, currency partners cranked up pressure on Greece to deliver its end of the bargain on by far the biggest of the eurozone bailouts, with decisions on the next phase in its EU-IMF funding subject to political pressure notably to kick-start a failed privatisation drive. "We are fully supportive of Spain's decision not to request any successor ESM financial assistance following the programme exit in January 2014," said a statement following Brussels talks. Spain agreed a 100-billion-euro rescue package for its banks with eurozone partners in July 2012, although it only called in about 41 billion in loans. "Spain took the right decisions in difficult times," Spanish Finance Minister Luis De Guindos said at the Brussels talks, adding that the aid for its banks helped Madrid – labouring under … [Read more...] about Spain to make clean exit from bank bailout in January

French Foreign Minister Alain Juppe on Thursday urged the
European Central Bank (ECB) to accelerate moves to tackle the debt crisis
already threatening Europe's core economies.
"We're seeking a
compromise. We do not agree on everything at first, but we'll end by agreeing
... There is urgency (for ECB intervention). We will discuss that today, Nov
24, in Strasbourg,"
Juppe said on the local radio France Inter.
"I think and hope that
the thinking will evolve and that the ECB should play an essential role to
re-establish confidence," the minister added, hours before a key euro leaders
meeting.
French President Nicolas
Sarkozy, German Chancellor Angela Merkel and new Italian Prime Minister Mario
Monti were expected to discuss in Strasbourg
later on Thursday the adequate ways to save the debt-sickened European region.
Adding to sluggish economic
data, political uncertainty and dispute over the ECB role have irked investors
who considered that governments across Europe
had … [Read more...] about French FM urges ECB action to save the euro

The Australia New Zealand Bank (ANZ) has reported first-half underlying profit of over 3 billion U.S. dollars, a result that stands in stark contrast to its refusal to keep in step with the central bank's official rate movements this year.
Stomachs continue to turn for Australian borrowers as another leading bank has reported massive, record profits in the face of official interest rate cuts.
ANZ declared an interim fully-franked dividend of 66 Australian cents, up from 64 cents for the same time last year, including net profit making a full 10 percent leap from 2011 to 3.02 billion U.S. dollars.
The Federal Member for Melbourne, Adam Bandt says any failure now to pass on the interest rate cut by the "big four banks" is a dismissal of Australian consumers and a further loss of face for the Reserve bank which surprisingly cut the official rate by a full 50 basis points this week.
"Bank profits are soaring and will rise again this week, yet it is likely banks will … [Read more...] about Aussie banks rolling in cash, silent on rates

The Cypriot government has warned that banking curbs to prevent money from leaving the country will apply for longer than expected, in a blow to the island's attempts to revive its paralysed economy.
The country's foreign minister, Ioannis Kasoulides, said the regime, including a limit on cash withdrawals at €300 (£253) per day, would last for "about a month" – just 24 hours after the population was told they would only be in place for a week. The capital controls, the first ever to be imposed on a eurozone member state, have been introduced to prevent a cash exodus that would destroy what is left of the Cypriot banking system.
Kasoulides said: "A number of restrictions will be lifted and gradually, probably over a period of about a month according to the estimates of the central bank, the restrictions will be lifted."
A few hours earlier, Kasoulides had said the Central Bank of Cyprus and the government of Cyprus would review the restrictions each day with a … [Read more...] about Cyprus crisis: limits on bank withdrawals to last ‘about a month’

Cyprus reversed a decision to reopen some banks on Tuesday after world markets took fright at the implications of the multi-billion-euro bailout deal it has struck with international creditors.
A woman rides her bike past a Laiki (Popular) Bank branch on March 25, 2013, in Nicosia. Cyprus reversed a decision to reopen some banks on Tuesday after world markets took fright at the implications of the multi-billion-euro bailout deal it has struck with international creditors.
All Cyprus banks are to remain shut until Thursday, the Central Bank announced in a shock statement issued late Monday.
Finance Minister Michael Sarris had made the decision on the recommendation of the Central Bank Governor Panicos Demetriades to "ensure the smooth functioning of the entire banking system" the statement said.
Just hours earlier, the Central Bank had said all Cyprus banks except for its two biggest lenders, those worst-hit by the financial crisis, would reopen … [Read more...] about Cyprus banks to stay shut as world markets take fright

VietNamNet Bridge - As of April this year, nearly 400 stem cell grafting operations had been performed in Vietnam, including 218 autologous and 169 allograft cases.
Many healthcare centers nationwide have been using the stem cell grafting technique to cure critically ill patients. These include Hue City Central Hospital, Central Pediatric Hospital, Army Hospital No 108 and 19/8 Hospital.
The transfusion hematology department of Bach Mai Hospital in 2014 successfully conducted the first allogeneic stem cell transplantation case.
The patient was Tran Thi Thu Phuong, 39, from Can Loc Town of Ha Tinh province. She suffered from acute leukemia (AL), a kind of blood cancer. One month after the transplantation, new blood cells began developing inside the patient’s body and replacing the cancerous ones.
The patient had to have her marrow taken, and then the blood stem cells from a donor were transplanted.
The donor and the stem cell recipient need to match well in … [Read more...] about Nearly 400 patients saved by stem cell transplant operations

World stocks fell for a third straight day on Wednesday, depressed by growing nervousness surrounding central bank policy and the recent spike in world bond yields, although European bank shares rebounded after two major earnings reports.
Japanese stocks led the way, pushed down nearly 2 percent by the recent surge in Japanese government bond yields and the strength of the yen, overshadowing the slight rebound in European shares from Tuesday's three-week lows.
Shares in European banks HSBC (HSBA.L) and Societe Generale (SOGN.PA) rose as much as 5 percent after reporting second quarter earnings, a glimmer of light for the region's financials amid the recent gloom.
But that failed to lift the broader European indexes and U.S. futures pointed to a softer open on Wall Street ESc1.
In bond markets, yields were little changed on the day, but still well up from recent lows following the shakeout in debt markets globally since the Bank of Japan's policy meeting last Friday and as eyes turn to … [Read more...] about European bank rebound not enough to save world stocks from further losses